The markets started the week off in the red following last weeks Fed rally. The Dow 30 fell 160, the S&P 500 lost 18, and the Nasdaq 100 was off by 48. Tomorrow the focus will turn to the consumer as scheduled news is due out early in the morning.
Twitter (NASDAQ: TWTR) popped another 3.32% today after soaring more than 21% on Friday following reports that the social media firm was in talks with several potential buyers including Salesforce.com (NYSE: CRM) and Alphabet's Google (NASDAQ: GOOGL). The pop came today despite a downgrade by Oppenheimer to underperform from perform. The firm said a likely buyer wouldn't pay much above its $17 a share for Twitter.
Deutsche Bank's (NYSE: DB) fell sharply, to new lows (-7.06%) after a German magazine reported over the weekend that Chancellor Angela Merkel refused to provide Deutsche Bank state aid in its legal battle with the US Justice Department over toxic mortgage securities it sold before the financial crisis. However, the German government dismissed the report, and Deutsche Bank said it was not looking for government help. Despite this, volume was still heavy and shares closed at new lows.
Lands' End (NYSE: LE) suffered a sharp 14.11% decline today as the struggling apparel maker announced that it has lost another Chief Executive. The company's CEO Federica Marchionni is stepping down, effective immediately. She is the second CEO to leave the retailer since it was spun off from Sears two years ago. The company's chief operating and financial officers will take over as co-interim CEO's.
Chemtura (NASDAQ: CHMT) was the big winner of the day today as shares gained a whopping 15.83% after an announcement that the company is being bought by a rival for $2.7 billion in cash and debt.